NISM Series XIX-C Study Material: What to Use
The official NISM workbook, third-party notes and mock tests, and what each is genuinely good for.
The study material for NISM Series XIX-C is NISM's own workbook, and the soft copy is free. NISM sends it to you after you enrol for the exam, and anyone can download it from NISM's study material page after filling in a short form. Printed copies are sold by Taxmann, NISM's publishing partner.
The workbook follows the exam's 17-chapter curriculum, from the investment landscape and portfolio theory through AIF structuring, fees, valuation, taxation and the regulatory framework. It is the only book the paper is written from. What it cannot do is track SEBI, which amends the AIF Regulations and reissues the AIF master circular often, so read the regulatory chapters against SEBI's own text.
How to get the workbook
- 1
Download it free from NISM
Open the Study Material Download link on NISM's XIX-C exam page. The form asks for your name, email, mobile number, city and state. Submit it and download the XIX-C workbook. Nothing is charged.
- 2
Or wait for the enrolment copy
NISM's FAQ says you receive the soft copy after you enrol for the exam. If it does not arrive, write to NISM's certification helpdesk, which the FAQ names as the test administrator for this series.
- 3
Buy a printed copy only if you want one
NISM's Buy Study Material page routes print orders to Taxmann Publications. The content is the same as the free soft copy.
What to use, and what each is good for
NISM XIX-C workbook (free soft copy)
Use it for
All 17 chapters, the worked case in chapter IX, the fee and valuation examples, chapter-end sample questions
Watch out for
Any rule figure that may have changed after the edition you hold
SEBI (Alternative Investment Funds) Regulations, 2012
Use it for
Exact wording for chapter XVII: registration, sponsor and manager commitment, tenure, investment conditions, Category III norms, code of conduct
Watch out for
Use the version marked as last amended July 14, 2026. The regulation changes several times a year
SEBI Master Circular for AIFs (June 3, 2026)
Use it for
The circulars SEBI has issued under the regulation, consolidated in one document. Chapter XVII's sub-topics on reporting, disclosure, dematerialisation of units and due diligence summarise rules that live here
Watch out for
It consolidates circulars only up to its own date; check SEBI's circulars page for later ones
Coaching notes and question PDFs
Use it for
Quick revision of definitions
Watch out for
Many are written for the 100-mark XIX-D or XIX-E papers, or for an older XIX-C edition
Timed practice sets
Use it for
Pacing a 3-hour paper and finding weak chapters
Watch out for
Only useful if scored at the real penalty: 0.25 on a 1-mark MCQ and 0.5 on a 2-mark case question
| Material | Use it for | Watch out for |
|---|---|---|
| NISM XIX-C workbook (free soft copy) | All 17 chapters, the worked case in chapter IX, the fee and valuation examples, chapter-end sample questions | Any rule figure that may have changed after the edition you hold |
| SEBI (Alternative Investment Funds) Regulations, 2012 | Exact wording for chapter XVII: registration, sponsor and manager commitment, tenure, investment conditions, Category III norms, code of conduct | Use the version marked as last amended July 14, 2026. The regulation changes several times a year |
| SEBI Master Circular for AIFs (June 3, 2026) | The circulars SEBI has issued under the regulation, consolidated in one document. Chapter XVII's sub-topics on reporting, disclosure, dematerialisation of units and due diligence summarise rules that live here | It consolidates circulars only up to its own date; check SEBI's circulars page for later ones |
| Coaching notes and question PDFs | Quick revision of definitions | Many are written for the 100-mark XIX-D or XIX-E papers, or for an older XIX-C edition |
| Timed practice sets | Pacing a 3-hour paper and finding weak chapters | Only useful if scored at the real penalty: 0.25 on a 1-mark MCQ and 0.5 on a 2-mark case question |
How to work the 17 chapters
The curriculum has five blocks. Read them in this order, not front to back:
- check_circleChapters VI to VIII first (AIFs in India, the AIF ecosystem, fund structuring). They define Category I, II and III, the sponsor, the manager, the trustee and the pooling vehicle. Every later chapter assumes these.
- check_circleChapters XVII and XVI next (regulatory framework, taxation). Read each regulation sub-topic with the SEBI text open beside the workbook. Note the tax treatment separately for Category I and II and for Category III; the workbook treats them in separate sections.
- check_circleChapters IX, X and XIV together (fees and performance, benchmarking, valuation). Work every example with a calculator: management fee, hurdle rate, high-water mark, risk-adjusted return, DCF and NAV. This block feeds the case-based questions.
- check_circleChapters XI to XIII and XV as one process block (strategies and governance, due diligence, legal documents, monitoring and exit). Learn what each document does: trust deed, investment management agreement, subscription agreement, private placement memorandum.
- check_circleChapters I to V last (investment landscape, types of investments, informational efficiency, modern portfolio theory, capital market theory). They are standard finance theory and the quickest to revise.
- check_circleKeep the glossary open throughout. Several MCQs turn on a defined term used precisely.
Free account, this exam preselected.
How XIX-C tests what you read
The paper has 90 one-mark MCQs and 6 case studies, each with 5 two-mark sub-questions, for 150 marks in 3 hours. The pass mark is 90 out of 150 (60%). A wrong answer costs 25% of the question's marks: 0.25 on an MCQ and 0.5 on a case sub-question. The cases are where the workbook's worked examples pay off: a fee structure, a valuation or a tax computation presented as a short fund scenario, with each sub-question asking for one figure or one conclusion.
The MCQs on regulation test a precise condition, not the headline idea: which category a stated strategy falls into, what the sponsor or manager must commit to the fund, what a close-ended fund may do when its tenure ends. Summary notes drop the conditions. The workbook and the SEBI text keep them. Candidates who revise only from summaries lose marks on exactly those questions, and the negative marking turns a guess into a loss.
Spot stale material in ten seconds
Check how the source describes the paper. NISM's XIX-C exam page says 90 MCQs plus 6 case-based questions, 150 marks, 3 hours, pass at 60%, and 25% of a question's marks deducted for a wrong answer. If notes describe a 100-mark paper, they are for Series XIX-D or XIX-E, which are different exams. If they quote a regulation figure, check it against the AIF Regulations as last amended July 14, 2026, because the rules change more often than notes are revised.
FAQs
Where can I download the NISM XIX-C workbook PDF?expand_more
From NISM's study material download page, after entering your name, email, mobile number, city and state. NISM also emails a soft copy after you enrol for the exam. If it does not arrive, contact NISM's certification helpdesk.
Is the NISM XIX-C study material free?expand_more
Yes. The soft copy is free, both on download and after enrolment. Printed workbooks are sold separately through Taxmann.
Is the NISM workbook enough to pass XIX-C?expand_more
It covers the whole 17-chapter syllabus and the paper is written from it. Add the SEBI AIF Regulations and the AIF master circular for chapter XVII, because those change faster than the workbook, and practise the fee, valuation and tax examples under time for the case-based questions.
Does NISM provide sample questions for XIX-C?expand_more
Yes. NISM's FAQ points candidates to the chapter-end sample questions and the worked-out examples and illustrations in the workbook, and links to a mock test from the same FAQ page.
What is NISM XIX-C?expand_more
The Alternative Investment Fund Managers Certification Examination. NISM's FAQ says it is the requisite standard for key personnel in the key investment team of the manager of an AIF. The study material for it is the free NISM workbook described on this page.
Next steps
Create a free accountFree study material and a free diagnostic test.